Every investor talks about retirement planning. But if you have kids, you MUST invest in an RESP. And if you don’t, find some to borrow because this account is worth it! However, this great investment tool has important aspects that investors must know to make it work.
Download the Dividend Rock Star List Now!
- The RESP account stands for: Registered Education Savings Plan. Besides helping investors save for their kids’ tuition, it is supported by governmental subsidies. Mike discussed all the benefits attached to it.
- How the RESP is pretty open to any contributor so parents can get help to finance their children’s education.
- Contributions to an RESP are limited in time. With that in mind, are individual stocks still the best option?
- What about sector allocation?
- Are there sectors that best fit in an RESP?
- What is the tax implication related to such an account?
- How should investors proceed when the time to withdraw money comes? What are the rules?
- If the money in the RESP is not fully used, what happens? What can investors do?
- Mike and Vero end the episode with a couple more tips and a summary of the pros and cons related to this account.
Should you be looking for the best Canadian stocks to add to your RESP, companies operating in sectors such as telecoms, utilities, REITs and banks will protect you against market fluctuations and severe losses. Here are our top picks for 2022:
Best Canadian Stocks to Buy in 2022
Investing at retirement is difficult. From tax optimization to creating your paycheck and sector allocation, things can get overwhelming and leave you at a point where to don’t know where to start. Here are tips for setting a great retirement plan and achieving your goals.
I’m Retired, Where to Start? [Podcast]
Why would you want to become a Dividend Growth Investor? We preach to the converted or give you the episode you need to forward to your friends who doubt your strategy! Here are the 5 most important reasons to be a dividend growth investor.
Why Should You Be a Dividend Growth Investor and Nothing Else [Podcast]
The Best Dividends to Your Inbox!
Download our Top Stocks for 2022 booklet now and do not miss out on the good stuff! Receive our Portfolio Workbook and weekly emails including our latest podcast episode!
Follow Mike, The Dividend Guy, on:
If you have ideas for guests, topics for The Dividend Guy Blog podcast, or simply to say hello, then shoot me an email.
This podcast episode has been provided by Dividend Stocks Rock.
The post RESP Account: How to Make it Work? [Podcast] appeared first on The Dividend Guy Blog.